NCR Voyix (VYX) Q4 2024 earnings summary

Executive summary

• New CEO James G. Kelly appointed in February 2025, emphasizing growth, platform execution, and leveraging core strengths after leadership transition and operational streamlining.

• Completed spin-off of NCR Atleos in October 2023 and sale of Digital Banking segment for $2.45B in September 2024, with historical results recast as discontinued operations.

• Transitioned POS and SCO hardware businesses to an outsourced design and manufacturing (ODM) model, with hardware and one-time software/services being phased out.

• Strong competitive positioning in self-checkout and point-of-sale software, with 98% revenue retention over three years.

• Significant investments in platform and services, with 74,000 sites on platform (up 26% YoY) and high teens revenue growth among enterprise platform customers.

Financial highlights

• Q4 2024 revenue: $682M, down 14% YoY; full-year revenue: $2.8B, down 11% YoY.

• Q4 Software & Services revenue: $521M, nearly flat YoY; full-year: $2.1B.

• Adjusted EBITDA for Q4: $114M (16.7% margin), up 75% YoY; full-year Adjusted EBITDA: $347M (12.3% margin), up 3% YoY.

• Q4 diluted EPS from continuing operations: $(0.08); non-GAAP diluted EPS: $0.22. Full-year diluted EPS: $(1.50); non-GAAP diluted EPS: $(0.13).

• Recurring revenue and ARR up 5% YoY in Q4; Software ARR rose to $765M from $735M.

Outlook and guidance

• 2025 revenue guidance: $2.575B–$2.65B; Software & Services: $1.995B–$2.02B; Hardware: $580M–$630M.

• Adjusted EBITDA guidance: $420M–$445M (16.3%–16.8% margin); non-GAAP diluted EPS: $0.75–$0.80.

• Adjusted free cash flow (unrestricted): $170M–$190M, conversion rate 40–43%.

• Guidance excludes impact of potential new tariffs and delayed Atleos country transfers.

• Q1 2025 revenue expected to decline mid-teens YoY due to hardware comp; adjusted EBITDA to grow high teens YoY.